CGI launches CGI Open Finance to power and extend the new banking ecosystem

CGI (NYSE: GIB) (TSX: GIB.A) is pleased to announce the launch of CGI Open Finance, a solution built for the next wave of digital banking and designed to empower banks to reap the benefits of the open API economy, as well as address the challenges of open banking.

Open banking, whether driven by competition or regulation, is breaking up the traditional banking value chain, opening up the global banking industry, and profoundly changing the dynamics of the banking market. Despite the challenges this presents, CGI sees it as a great opportunity for collaboration. By leveraging CGI Open Finance, traditional banks, with the advantage of their strong reputations and longstanding customer relationships can now look to develop new value propositions and revenue streams through partnering with CGI and FinTechs.

“CGI Open Finance is modelled on our successful partnership with a leading multinational which was looking to design, develop and launch a new API-based bank said Frederik Evrard, Vice-President, CGI in Luxembourg.

“We are excited about the opportunities it offers our clients. By incorporating the latest technology and architecture with CGI’s deep banking expertise in open banking and the open API economy, we believe CGI Open Finance can transform the industry.”

CGI Open Finance is a complete solution for open banking, enabling the integration of traditional banks and their product-centric applications with FinTechs through an API and orchestration layer. More than that, CGI Open Finance supports the much wider set of non-functional requirements needed to operate an industrial strength, secure and resilient platform required for the new world of banking. It not only facilitates close collaboration with third party providers (TPPs), but also enables banks to become aggregators and provide the same services, driving real innovation. With CGI Open Finance, banks can maximize the benefits of open banking by offering new digital services and value-add partnerships to their customers.

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Moreover, with its state-of-the-art open banking architecture, CGI Open Finance ensures complete compliance with the Revised Payment Service Directive (PSD2) for European financial institutions and, in the UK, compliance with the Open Banking Implementation Entity initiative in line with the Competition and Markets Authority (CMA). Its interfaces and non-functional requirements have been defined based on PSD2 requirements and leverage the power of APIs to open up the value chain for banks.

CGI helps its clients realize their transformational agendas by bringing the latest thinking, innovation and technical know-how to the fore. As a trusted partner to banks across the globe, and with more than 40 years’ experience at the heart of the banking industry, CGI is well positioned to support clients in embracing the new market dynamics of open banking.